Binance Reports $6.3 Billion Crypto Theft, Largest on Record
Binance reported a security incident affecting $6.3 billion in assets, marking the largest crypto theft on record. Trading and withdrawals were halted as investigations continue.
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What happened
Binance reported a security incident affecting $6.3 billion in assets.
Who is affected
Binance customer assets.
Exploited
Exploitation confirmed.
What to do
Binance halted trading and paused withdrawals.
On October 29, 2026, Binance reported a security incident impacting approximately $6.3 billion in customer assets, marking the largest crypto theft on record. In response, Binance halted trading and paused withdrawals to address the situation.
Preliminary investigations by Binance suggested the attack may have originated from a compromised DevOps engineer's laptop. The breach reportedly unfolded within a span of 20 minutes, raising concerns about the security of cryptocurrency exchanges.
Stablecoin issuers Tether and Circle took action by freezing $1.57 billion and $800 million, respectively, linked to the incident. Binance has committed to covering losses using its Secure Asset Fund for Users (SAFU) and company resources, setting aside over $6.34 billion to address the breach.
Blockchain analysis firms have linked the hack to a North Korea-associated hacking group, with experts suspecting the involvement of social engineering and sophisticated money laundering techniques.
The incident has prompted rival exchanges such as Coinbase and Kraken to tighten their security measures.
